The Recession Is Here

Here is what you should do.

First, here are some of the many facts:

1. People have significantly less money than they did in 2020, 2021, and 2022 because everything is more expensive.

2. People are dipping into their savings to survive.

3. Credit card debt is the highest it's been in decades.

4. Student loan payments are starting up again since being paused due to the pandemic.

5. Mortgage rates are high.

6. Customer spending is lower overall in nearly every category.

All those things significantly impact the economy, and I'm starting to see it across many businesses using BookingKoala. THIS is why it's essential to pay attention not only to your business but to the economy. Even if you don't care what's happening out there, it helps make decisions within your business.

If you ignore the outside world and sales drop, you may think it's your business when it's not. When you think it's your business, you will take unnecessary action, like lowering your prices or changing your business model entirely. Understanding it's the economy will help you prepare and overcome these things.

Right now, big businesses are going on defense, and you should too.